JOURNALIZING EXERCISE - DEO DURANT.

The assets, liabilities, and owner's equity of Deo Durant who operates a repair shop are listed below and completed the

following transactions during the month of July, 2020.

101 Cash 401 Service Income

102 Accounts Receivable 501 Rent Expense

105 Supplies 508 Utilities Expense

150 Land 510 Supplies Expense

201 Accounts Payable

301 Durant, Capital

302 Durant, Personal

1. Organized a repair shop and deposited P50,000 cash in the bank for use by the business.

2. Purchased P2,000 of supplies on account.

3. Purchased land for future repair shop P50,000, paid P20,000, and the balance payable in three (3) equal monthly

installments starting at the end of the month.

4. Paid P1,500 to creditor in transaction (b).

5. Received P3,500 cash for repair services rendered to a customer.

6. Paid P2,500 for site and equipment rental for the month.

7. Rendered repair services on account to a close family friend, P4,200.

8. Paid utilities expense of P750.

9. Deo Durant withdrew P5,000 cash for his personal use.

10. Paid the first installment on the purchase of land in transaction (c).

11. By the end of the month, it was determined that P600 worth of supplies were used up.

12. Received P5,000 cash for repair services.

13. Paid creditor the balance of account in transaction (b).

14. Collected of the accounts receivable.

15. Deo Durant invested an additional P10,000 to his business.

Instructions: Based on the analysis of transactions stated in the accounting equation, prepare the JOURNAL ENTRIES for Deo Durant using the excel journal format.

GENERAL JOURNAL FOR DEO DURANT 6 7 DATE PARTICULARS PR/F DEBIT CREDIT 10 11 12 13 14 15 16 17 + E Sheet1 - WEInstructions: Based on the analysis of transactions stated in the accounting equation, prepare the JOURNAL ENTRIES for Deo Durant using the excel Journal format. ASSETS Tran Cash Accts Supplies LIABILITIES & CAPITAL Receivable Land Accts Durant, Payable 50,000 Capital Description 2 50,000 2,000 Initial Investment Ba 50,000 2,000 2,000 3 (20,000) 2,000 50,000 50,000 30,000 Bal 30,000 2,000 50,000 (1,500) 32,000 50,000 4 Bal 28,500 (1,500) 2,000 50,000 30,500 50,000 5 3,500 3,500 Bal 32,000 Service Income 2,000 50,000 30,500 53,500 6 (2,500) (2,500) Rent Expense Bal 29,500 2,000 50,000 30,500 51,000 7 4,200 4,200 Service Income Bal 29,500 4,200 2,000 50,000 E 30,500 55,200 8 (750) (750) Utilities Expense Bal 28.750 4.200 2,000 50,000 30,500 54,450 9 (5,000) (5,000) Durant, Personal Bal 23,750 4,200 2,000 50,000 30,500 49,450 10 (10,000) (10,000) Bal 13,750 4,200 2,000 50,000 20,500 49,450 11 (600) (600) Supplies Expense Bal 13,750 4,200 1,400 50,000 20,500 48,850 12 5,000 5,000 Service Income Bal 18,750 4,200 1,400 50,000 20,500 53,850 13 (500) (500) Bal 18,250 4,200 1,400 50,000 20,000 53,850